SEC’s Efforts to Hire Crypto Experts Thwarted by Own Crypto Ownership Policy
The U.S. Securities and Exchange Commission (SEC), known for its stringent regulatory oversight of the finance sector, is facing an ironic hurdle as its own policies are hindering the agency’s ability to recruit crypto experts, according to an October report by the agency’s inspector general–highlighting major “management and performance challenges.”
One of the SEC’s primary challenges is the need to balance ethical oversight with the demand for specialized knowledge in rapidly advancing fields like cryptocurrency. As the agency seeks to deepen its understanding of the crypto market’s complexities, it finds itself at a crossroads, requiring expertise that is in short supply.
The inspector general’s report points out that the SEC’s workforce recruitment efforts are being stymied by a limited pool of candidates with the necessary expertise in crypto assets. This expertise is considered by the Enforcement division as vital to enhance the SEC’s investigative capabilities in the crypto market.
SEC is having trouble hiring crypto experts — because of a rule they must sell all their crypto
Would make more sense to allow staff to hold a modest amount. This would also make them better at their jobhttps://t.co/t0wzbjOxlB pic.twitter.com/yPjoOjoHY8
— Jeff Roberts (@jeffjohnroberts) November 6, 2023
A major roadblock to bringing crypto experts on board is the SEC’s own rules regarding crypto ownership. According to the report, the prohibition on SEC employees owning cryptocurrencies is a deterrent to potential recruits, who are often reluctant to liquidate their personal crypto holdings.
“This prohibition, according to SEC officials, has been detrimental to recruiting, as candidates are often unwilling to divest their crypto assets to
Read more on cryptonews.com
